Liquidation of Member’s Interest. Upon liquidation of any Member's interest in the Company, the liquidating distributions shall be made in accordance with the positive Capital Account balances of the Members adjusted as otherwise required by the provisions of this Agreement. A liquidation of a Member's interest shall occur as required pursuant to Regulations Section 1.704-1(b)(2)(ii)(g).
Appears in 4 contracts
Samples: Operating Agreement (Salem Communications Corp /De/), Operating Agreement (Salem Communications Corp /De/), Operating Agreement (Salem Communications Corp /De/)
Liquidation of Member’s Interest. Upon liquidation of any a Member's interest in the Company, the other than in connection with a Liquidating Transaction, liquidating distributions to such Member shall be made in accordance with the positive Capital Account balances of the Members adjusted as otherwise required by the provisions of this Agreement. A liquidation of a Member's interest shall occur as required pursuant to Regulations Section 1.704-1(b)(2)(ii)(g)1(b)(2)(ii)(b)(2) of the Treasury Regulations.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (American Tower Systems Corp), Limited Liability Company Agreement (American Radio Systems Corp /Ma/)
